Lightning Learning - Agency vs. Fiduciary Relationships

This Big "I" Virtual University Lightning Learning series features three 20-minute sessions including:

February 5 – The Current Fiduciary Environment

There is much confusion about who is a fiduciary in a
client relationship and what that standard entails. The Department of Labor’s
multi-year effort of establishing fiduciary standards in certain situations was
vacated by the 5th Circuit Court. The
issuance of the 5th Circuit mandate has been replaced by the Securities
and Exchange Commission (SEC) initiative as it relates to new conflict of
interest regulations that could impact the retirement planning
marketplace. Further, the 5th Circuit Court’s action does not change
the fiduciary standard that retirement plan trustees and corporate boards still
must satisfy for their own retirement plans. Independent agents that write
D&O coverage should be aware of the current fiduciary environment.

February 12 – ​Current and "Best Interest" Standards for Annuities

It was assumed that the fiduciary standard that the
DOL attempted was only relevant to plan advisors and registered reps. However,
state insurance departments and the NAIC have been involved in an effort to
establish “Best Interest” standard for annuities, and in New York State,
effective August 1, 2019, for both life and annuity sales. The webinar
will discuss the difference between the current suitability standard and a
“Best Interest” standard and the implications for agents and registered reps.

February 26 – Helping Clients Avoid "Longevity Risk"The biggest purchase most people will make is the
“cost” of their retirement. With increasing life expectancies, “longevity risk”
– i.e. the possibility of outliving one’s financial assets to provide a desired
standard of living in retirement – is a broad concern to most
Americans. This webinar will highlight the related considerations and
present a way for agents to help their clients address this risk and generate
revenues to the agency. Many independent gents cede this arena to local brokers
because they have a misperception that it involves securities licensing to
address this need. This is a strategic opportunity for agents to position their
agency to be risk managers in this area for their clients.